Agenda - Economic Development Authority - 08/10/2023

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a notice shall be deemed given when hand -delivered to the party's representative at the Closing. The business addresses of the parties are as follows: Seller: Buyer: City Administrator City of Ramsey 7550 Sunwood Drive N.W. Ramsey, MN 55303 Email: bhagen@cityoframsey.com Norhart Architecture LLC Marybeth Wise, Real Estate Development Manager 1081 4th St SW Suite #400 Forest Lake, MN 55025 Email: marybeth.wise@norhart.com Notices not given in the manner or within the time limits set forth in this Agreement are of no effect and may be disregarded by the party to whom they are directed. 14. CLOSING. This transaction shall close within thirty (30) days after Buyer delivers a Notice to Proceed to Seller or on such earlier date as Seller and Buyer may establish by mutual, written agreement; provided, however, Buyer may extend the Closing a total of two (2) times, each time for a period of one hundred fifty (150) days, by depositing an additional Fifteen Thousand and 00/100 Dollars ($15,000.00) earnest money with Escrow Agent for each extension. Each $15,000 extension payment shall be non-refundable, but applicable to the Purchase Price. The Closing shall take place at the offices of the Escrow Agent, or at some other place as the parties may mutually agree prior to such date. At the option of either Party, the executed closing documents, Purchase Price and closing costs may be deposited with the Escrow Agent and disbursed by the Escrow Agent pursuant to avoid the necessity for a Closing at which the Parties are present. a. Seller's Obligations at Closing. At Closing, Seller must deliver to Escrow Agent, for delivery to Buyer: i. A limited warranty deed, duly executed and acknowledged on behalf of the City and with the City's seal affixed, conveying title to the Property, subject to (A) the lien of real estate taxes, if any, not yet due and payable and any installments of special assessments certified for payment therewith; (B) Building, Subdivision and Zoning Ordinances; (C) Matters that would be disclosed by an accurate survey of the Property; and (D) matters that constitute Permitted Exceptions pursuant to Section 6; ii. A certified copy of a duly adopted City Ordinance and Resolution authorizing Seller's sale of the Property to Buyer; iii. The Right of Re -Entry Agreement provided for in Section 29 below; -8- Error! Unknown document property name.